A series of economic ministerial meetings were held in Brunei from August 19 to 21, including the 10th Korea-ASEAN Summit Meeting, the 16th ASEAN+3 Summit Meeting, the 1st Regional Comprehensive Economic Partnership (RCEP), and the EAS Summit Meeting.
Korean Minister Yoon Sang-jik of Trade, Industry and Energy (MOTIE) attended each meeting to exchange views with economic ministers on the economic relationship between Korea and ASEAN countries.
At the 10th Korea-ASEAN Economic Ministerial Meeting on August 20, participating ministers evaluated the current system of origin authentication and trade liberalization for additional products and agreed to fully utilize the Korea-ASEAN FTA by enhancing the quality of services and improving investments.
The 16th ASEAN+3 Summit Meeting, a network of ten member countries of ASEAN with China, Japan, and Korea, was held on the same day. Ministers from 13 countries discussed current activities carried out by the East Asia Business Council (EABC), comprised of each nation’s business leaders who work together to provide a private sector perspective.
Inaugurated in 2011, the EABC seeks to strengthen private sector cooperation in Korea, Japan, China, and ASEAN and its chairmanship changes on annual basis.
A day ahead of the two ministerial meetings, the 1st Regional Comprehensive Economic Partnership was held on August 19. Ten ASEAN member states and its FTA partners (Korea, Japan, China, Australia, New Zealand, and India) confirmed their aim to conclude the FTA scheme by the end of 2015 and agreed to hold the tenth and final round of negotiations in September 2015 in Korea.
On August 21, the East Asia Summit (EAS) was held by leaders of ASEAN and RCEP member states along with the U.S. and Russia. Economic leaders from 18 countries agreed at the meeting to turn the informal summit meeting into a formal consultative community starting this year.
The participating ministers talked about how to finalize the current issue of the Doha Development Agenda (DDA) negotiations of the World Trade Organization (WTO) and exchanged comprehensive views on East Asia economic integration. In addition, the 18 economic leaders confirmed their resolve to cooperate against protectionism that seems to be on the rise during the ongoing economic crisis.
On the sidelines of the series of economic meetings, Minister Yoon had bilateral talks with other ministers from countries including the U.S., China, Indonesia, Vietnam, India, and New Zealand. The talk with U.S. Trade Representative Michael Froman marked the first historic meeting, while Yoon discussed regional integration with Chinese Commerce Minister Gao Hucheong, including issues related to the Korea-China FTA and the direction of RCEP.
Source:Korea.net
Korean Minister Yoon Sang-jik of Trade, Industry and Energy (MOTIE) attended each meeting to exchange views with economic ministers on the economic relationship between Korea and ASEAN countries.
At the 10th Korea-ASEAN Economic Ministerial Meeting on August 20, participating ministers evaluated the current system of origin authentication and trade liberalization for additional products and agreed to fully utilize the Korea-ASEAN FTA by enhancing the quality of services and improving investments.
ASEAN+3 Economic Ministerial Meeting (photo courtesy of MOTIE).
The 16th ASEAN+3 Summit Meeting, a network of ten member countries of ASEAN with China, Japan, and Korea, was held on the same day. Ministers from 13 countries discussed current activities carried out by the East Asia Business Council (EABC), comprised of each nation’s business leaders who work together to provide a private sector perspective.
Inaugurated in 2011, the EABC seeks to strengthen private sector cooperation in Korea, Japan, China, and ASEAN and its chairmanship changes on annual basis.
Korean Economic Minister Yoon Sang-jik (back row, fourth from right) participates in the EAS Summit Meeting in Brunei on August 21 (photo courtesy of MOTIE).
A day ahead of the two ministerial meetings, the 1st Regional Comprehensive Economic Partnership was held on August 19. Ten ASEAN member states and its FTA partners (Korea, Japan, China, Australia, New Zealand, and India) confirmed their aim to conclude the FTA scheme by the end of 2015 and agreed to hold the tenth and final round of negotiations in September 2015 in Korea.
On August 21, the East Asia Summit (EAS) was held by leaders of ASEAN and RCEP member states along with the U.S. and Russia. Economic leaders from 18 countries agreed at the meeting to turn the informal summit meeting into a formal consultative community starting this year.
The participating ministers talked about how to finalize the current issue of the Doha Development Agenda (DDA) negotiations of the World Trade Organization (WTO) and exchanged comprehensive views on East Asia economic integration. In addition, the 18 economic leaders confirmed their resolve to cooperate against protectionism that seems to be on the rise during the ongoing economic crisis.
Korean Minister Yoon has a bilateral talk with Indian Minister H.E. Arnand Sharma of Commerce and Industry (top) and U.S. Trade Representative Michael Froman (bottom) on the sidelines of the economic ministerial summits (photos courtesy of MOTIE).
On the sidelines of the series of economic meetings, Minister Yoon had bilateral talks with other ministers from countries including the U.S., China, Indonesia, Vietnam, India, and New Zealand. The talk with U.S. Trade Representative Michael Froman marked the first historic meeting, while Yoon discussed regional integration with Chinese Commerce Minister Gao Hucheong, including issues related to the Korea-China FTA and the direction of RCEP.
Source:Korea.net
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